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The company will then send some notices and updates regarding your loan to the email address that you have provided. When you go to buy a house, if you dont have the money to buy it outright as most people dont, you will have to find a lender to lend you the money. In fact, if you can afford it, it would be a good idea for you to shorten the payment period of your loan so that you can save some money on interest.
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It is probably best if a person is thinking of being in their home less than five more years that they seek alternative financing to a reverse mortgage. This can make the business process a lot different and make it easier to track down the elusive loan customers that are out there. While no one will absorb all of the costs, any reduction they offer may be added to the down payment to reduce the principal amount, or as extra cash for furnishing the new home. When looking through mortgage refinance information homeowners should consider the cost difference in what they currently pay with an adjustable rate mortgage and what monthly payments would be with a fixed interest rate. If it becomes necessary to change, the person is allowed to switch back to monthly payments. No one is locked into this payment method.
There have never been more choices of lenders than there are today. Companies in competition must do what they can to attract customers thereby putting power into the consumers hand. The last few years have been a buyers market in the mortgage industry. Some new and innovative approaches have risen to meet the needs of consumers that can always shop elsewhere if they are dissatisfied.
The Benefits of Variety
Suntrust Mortgage is one of a few very innovative companies that is making home ownership more accessible than ever. Its mortgage lending offers creative ways to save money on interest and to pay down the debt.
Suntrust Mortgage offers ten to forty year fixed rate mortgages. These are the bread and butter of the industry. The flexibility allows customers at different financial levels the chance to get a mortgage that is right for them. Some would opt for the fifteen year fixed rather than the thirty year because payback is sooner, therefore less interest. Still some are not financially fixed to have that high a monthly payment.
Bi-Weekly Mortgage Payments
One of the most innovative products Suntrust Mortgage offers is the bi-weekly payment schedule. In this schedule the monthly payment is split into two payments. The final monthly payment is exactly the same as if one was paying only once a month. But paying on a bi-weekly schedule means that at the end of the year, one will have made thirteen payments instead of twelve thereby cutting eight years off a thirty year mortgage and building more equity than the standard monthly payment.
No one is locked into this payment method. If it becomes necessary to change, the person is allowed to switch back to monthly payments. But the bi-weekly payment makes sense for several reasons. First of all, the amount of equity that can be built is much better than the traditional pay route. More people can qualify for loans on this system. Also, it fits most peoples pay schedules as most employers these days pay on two week cycles.
Temporary Buy Downs
Suntrust Mortgage offers what are known as temporary buy downs. Temporary buy downs are loans that are structured to start at a lower interest rate over the first year and gradually pick up the initial fixed rate within 24 months. This option is good for those first few payments. One has already absorbed a heft down payment. Costs associated with moving, utilities, new furniture, appliances, etc. can add to the up-front burden of buying a home. Suntrust Mortgage, by offering this option allows lower monthly payments the first twenty-four months, which to lenders and consumers is the most crucial time, gives their customers the best opportunity to comply with the loan and build equity and a good credit history. In the long run, being disciplined in spending and shopping for the right mortgage pays big dividends. Dividends that may be needed down the road.